GigaCloud Technology Inc. (NASDAQ: GCT):
NEW YORK, NY – October 10, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of GigaCloud Technology Inc. (NASDAQ: GCT):
- Class A ordinary shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s August 2022 initial public offering (“IPO” or the “Offering”); and/or
- securities between August 18, 2022 and September 27, 2023, both dates inclusive (the “Class Period”).
All investors who purchased shares and incurred losses are advised to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774.
If you have incurred losses, you may, no later than December 4, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
According to the filed complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about GigaCloud’s business, operations, and prospects. Specifically, defendants failed to disclose to investors that:
- GigaCloud’s business is a fraction of what it publicly claims, as evidenced by staffing and activity levels at its warehouses;
- GigaCloud overstated its last-mile operations;
- GigaCloud engaged in undisclosed related party transactions;
- that, as a result, GigaCloud’s financial results were overstated; and
- as a result of the foregoing, GigaCloud’s positive statements about GigaCloud’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at email@example.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Certification and Authorization Pursuant to Federal Securities Laws
Date of signing: 11/30/2023